
% Table created by stargazer v.5.2.2 by Marek Hlavac, Harvard University. E-mail: hlavac at fas.harvard.edu
% Date and time: Fri, May 03, 2024 - 16:54:05
\begin{table}[!htbp] \centering 
  \caption{Bank Credit Predicting Equity Excess Return in the Bayesian Model} 
  \label{Bayesian: bank credit and equity return} 
\begin{tabular}{@{\extracolsep{45pt}}lcc} 
\\[-1.8ex]\hline 
\hline \\[-1.8ex] 
 & \multicolumn{2}{c}{\textit{Dependent variable:}} \\ 
\cline{2-3} 
\\[-1.8ex] & \multicolumn{2}{c}{Average realized excess return $_{t+1}$} \\ 
\\[-1.8ex] & (1) Model Simulations  & (2) Data \\
\hline \\[-1.8ex] 
 $(\frac{\text{bank credit}}{\text{GDP}})_t$ & $-$0.01 & $-$0.02 \\ 
  &  & (0.01) \\ 
  & & \\ 
\hline \\[-1.8ex] 
Observations &  & 867 \\ 
\hline 
\hline \\[-1.8ex] 
\multicolumn{3}{p{0.65\textwidth}}{\footnotesize \textit{Note}: 
  Model excess return is defined as the return to bank-owned capital minus the risk-free rate.  Data is from Online Appendix Table 3 of \cite{baron2017credit}.
  }  
\end{tabular} 
\end{table} 
